Is Your Money Costing You Your Job?
Survey finds money-related stress affects employee productivity.
by Anne Loppnow, Francis Investment Counsel
Is your money costing you your job? When you go to work tired because you were awake all night wrestling with which bill to put off again this month, does it reflect poorly on your performance? How about when you make a simple mistake doing a job you’ve done perfectly a hundred times before because you were distracted by thoughts of financial hardship – will your supervisor notice? According to Francis Investment Counsel’s 2015 retirement plan participant survey, if you answered yes to one or all of these questions you’re not alone.
The survey, which specifically focused on money-related stress, revealed the growing tension American workers feel meeting present financial needs, and the impact such stress has on job performance.
Francis Investment Counsel, which provides financial consulting and education services to employers, surveyed approximately 2,200 employees across the country from varying industries to gain a better understanding of employee financial stress. According to the survey, the majority of American workers feel burdened by money-related stress, with 68 percent experiencing some level of money stress on a daily basis. Additionally, over a third of the survey respondents (38%) admit their money stress keeps them awake at night at least occasionally.
Money stress further affects workers because of its persistence. 23 percent of the respondents think about their money stress often, if not constantly. This preoccupation impacts employees’ job performance, with just over half of the respondents (52%) reporting money stress is a distraction while at work. Such distractions lead to lost time, lost wages, and lost opportunities for advancement within an organization.
With such vast numbers of American workers experiencing a similar kind of stress that impacts their productivity and the quality of their labor, surely there must be a solution? Well there is, but not every employer is aware they need to take the first steps on behalf of their workforce.
“Employees often look to their employer as a resource they can trust, which makes corporate financial wellness programs a natural extension of workplace offerings,” said Kelli Send, senior vice president of participant services at Francis Investment Counsel. “When employers offer these programs, employees receive the help they need to perform better on the job and feel more confident about their financial futures.”
More About Francis Investment Counsel
Francis Investment Counsel meets with tens of thousands of American workers annually and conducts a retirement plan participant survey on an annual basis. Responses were gathered throughout 2015 from employers who are clients of the firm. The firm is a fee-only Registered Investment Advisor that focuses on providing independent investment consulting and employee education services to the qualified plan marketplace. As an ERISA fiduciary, the firm delivers conflict-free investment advisory services to plan sponsors and also offers extensive education and personal financial advice to plan participants.
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